贵州茅台(600519)：以消费者为核心 围绕市场化转型

Core Viewpoint - The company is focusing on market-oriented transformation and aims to balance supply and demand while enhancing its product positioning and sales channels to drive growth in the coming years [1][2][3] Group 1: Product Strategy - The company will solidify its core product, the 500ml Flying Moutai, while enhancing premium and zodiac products to stimulate consumer demand [1] - For sauce-flavored liquor, the company aims to establish Moutai 1935 and Moutai Prince as national flagship products, targeting a "double hundred billion" product structure [1] Group 2: Channel Strategy - The company is implementing measures to reduce burdens on distributors, including the cancellation of distribution policies for high-value products and the elimination of allocation systems for aged liquor [2] - A series of support policies will be introduced to empower distributors, allowing them to focus on market penetration [2] - The company will utilize a "self-sale + distribution + agency + consignment" sales model to enhance consumer accessibility and satisfaction [2] Group 3: Market Support and Collaboration - The company will maintain stable market expense support in 2026 to facilitate market activities [3] - It will continue to build the Moutai cultural "IP" to strengthen brand value [3] - The company is enhancing its high-end service system, including cultural presenters and tasting experts, to improve service standards and foster a healthy channel ecosystem [3] Group 4: Financial Projections - The company forecasts revenues of 189.93 billion, 198.89 billion, and 208.66 billion yuan for 2025-2027, with net profits of 91.82 billion, 96.02 billion, and 100.50 billion yuan respectively, indicating a PE ratio of 18.78, 17.96, and 17.16 [3]